Investing.com — Standard Chartered (OTC:) resumed coverage of digital assets on Thursday, projecting an end-2024 target price of about $125,000 if former President Donald Trump wins the upcoming election.
The firm's forecast reflects a broader positive outlook on Bitcoin and digital assets, driven by several key factors, regardless of the election outcome.
Standard Chartered outlined its expectations, stating: “We see BTC at c.USD 125,000 by late 2024 with a Trump win, or c.USD 75,000 with Harris.”
Both projections represent new all-time highs for Bitcoin, underscoring Standard Chartered's generally optimistic view on the cryptocurrency's future.
Analysts noted that the US election will have an impact on digital assets, but believe the impact will be less significant than in previous election cycles.
“Progress on regulatory easing – particularly the repeal of SAB 121, which imposes strict accounting rules on banks' digital asset holdings – will continue in 2025 no matter who is in the White House; it would simply be slower under a Harris presidency,” the firm said.
Anticipated regulatory progress is seen as a crucial factor supporting the price of Bitcoin.
In addition, Standard Chartered expects positive momentum from developments in the US Treasury bond markets and a seasonal uptick in Bitcoin ETF inflows in October.
“Current developments in the US Treasury bond markets (a steepening curve again, with breakevens falling less than real yields and risk-neutral yields falling while the term premium remains stable) are generating positive momentum for BTC,” the firm adds.
Even if a Harris win initially triggers a price drop, analysts believe the market's subsequent recognition of ongoing regulatory progress and other positive factors will lead to a rebound.
Overall, Standard Chartered's analysis suggests that Bitcoin is poised to reach new heights by the end of 2024, regardless of the election outcome.
